Sri P Chidambaram unveils plans for Goods & Service Tax in India
Excerpt from the speech of Sri P Chidambaraam, Union Finince Minister, Government of India while presenting the Union Budget, 2007-2008
“I wish to record my deep appreciation of the spirit of cooperative federalism displayed by State Governments and especially their Finance Ministers. At my request, the Empowered Committee of State Finance Ministers has agreed to work with the Central Government to prepare a roadmap for introducing a national level Goods and Services Tax (GST) with effect from April 1, 2010.”
With this, the initial step in implementing the Goods & Service Tax in India has been taken